RATE Group | Bitcoin Bounces Off $8.4K 4-Week Low as it Tracks Stock-to-Flow Target
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Bitcoin Bounces Off $8.4K 4-Week Low as it Tracks Stock-to-Flow Target

28 Feb Bitcoin Bounces Off $8.4K 4-Week Low as it Tracks Stock-to-Flow Target

Posted at 14:04h in Bitcoin News by

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Bitcoin (BTC) price fell to its lowest levels in a month on Feb. 28 after another day’s losses underscored continued selling pressure on markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC price clings to $8.6K

Data from Coin360 and Cointelegraph Markets showed BTC/USD hit five-week lows of $8,455 on Friday.

At press time, volatility abounded on exchanges, with Bitcoin shedding roughly 3.3% overnight to fluctuate around $8,600. Weekly losses totaled almost 12%.

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

Analysts had pinned their hopes on the largest cryptocurrency defending its 200-day moving average at around $8,800. This failed to hold, however, opening up the potential for what Cointelegraph Markets analyst filbfilb described as a “significant issue.”

Bitcoin’s weakness closely tracked a day of horror for traditional investments, with the Dow Jones seeing the biggest one-day drop in history on Thursday.

Tormenting sentiment was coronavirus, the spread of which…

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